Ministry of Finance Incorporation, MOFI has announced a 1 trillion Naira private-sector-led intervention to boost Nigeria’s mortgage sector and economy. 

Representative of the Incorporation    Sani Yakubu, National Coordinator- Ministry of Finance Real Estate Investment Fund made this known at the Annual General meeting of finance correspondent in Abuja.

 The initiative aims to address the country’s pressing housing needs while stimulating economic growth.

Yakubu highlighted that the program tackles the dual challenge of demand and supply in the housing market. By introducing off-take guarantees, MOFI is enabling developers to access capital more easily, as financiers are assured of buyers lined up through pre-approved mortgages.

The initiative offers mortgages at a competitive rate of 9.75%, with 20-year repayment cycles and a low 10% equity requirement. 

Since March 2024, the fund has facilitated an average of 10 billion Naira in mortgages every month, making homeownership more accessible and affordable for Nigerians.

MOFI is partnering with 20 financial institutions, including commercial and mortgage banks, to deliver the funds. Yakubu noted that the  Mortgage Bank has processed 6.7 billion Naira in mortgages, exceeding its previous 21-year total.

To promote transparency and accessibility, MOFI has launched an interactive platform featuring nearly 5,000 housing units across Nigeria. The digital portal allows Nigerians to view properties and initiate mortgage applications online, bridging geographical gaps and fostering a nationalized market 

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